Moving to Canada with investments in a revocable trust… Question I’ll be moving up to Canada next year and I’ll need help navigating some planning. I have a fair amount of investments in my revocable trust and need someone to review the holding to ensure I don’t run into trouble when I become a Canadian…
US tax withholdings on pension death benefit Question Hi Phil, This is XXXXX XXXXX from the Americans Living in Canada FB page. I’m sure you’re busy this time of year, but I’m hoping you might be able to answer a question for me. I live in BC, and my dad passed away last July in…
Cross-Border Tax QA – FBARs, 1116, IRA Transfers and Other As you can imagine I receive a significant amount of cross-border tax questions each and every week. Given some of these questions are quite frequent I thought it might be helpful to post some answers to some of the most frequently asked cross-border tax questions…
Does my Canadian Corporation Need to File US Returns? Question Hi Phil I have some questions about my Canadian company that I need answers to. I run an crypto consulting company from Vancouver but lots of my clients are in the US. I would say that around 70% of my revenue actually comes from the…
Cross Border Tax Deadline Dates Outlined below are a list of tax deadlines for American’s living in Canada as well as regular Canadian taxpayers and non-residents of Canada. Note that in years where the deadline falls on a holiday it is often moved to the next business day. Deadlines may also be adjusted by Governments…
How to plan for investments before moving back to Canada Question Hi Phil My husband and I are part of your Facebook group for Americans in Canada. We have been following the group for some time and are planning our move back to Canada in the coming year. We both moved down to California 20…
Biggest mistake when moving to Canada? I posted a question to our private expat Facebook group a few weeks ago and I thought some of the responses would be helpful to those thinking about moving or retiring to Canada. If you haven’t yet signed up for our exclusive expat Facebook group please do so here:…
Mistakes I often see on Cross-Border US and Canadian tax returns I’ve reviewed many US tax returns from new clients. Given the inherent complexity of cross-border tax returns, I tend to see lots of incorrect filings and omissions. This post is not meant to point out others’ mistakes but rather to inform those with cross-border…
Tax Treaty Articles every US Expat should know – Pensions The Canada-US tax treaty can be quite complex and difficult to understand if you don’t have a lot of experience in interpreting the treaty and applying treaty rules through income tax return elections and forms. In very general terms the tax treaty was negotiated between…
First year filing in Canada with T1135 Question Hi Phil, I came across your website on Google, and I am interested in accounting services to complete my 2021 US Tax Return and my 2020 + 2021 Canadian Tax Return, as well as receive tax planning advice. I am a US Citizen living in Victoria on…
How to transfer large US inheritance to Canada? Question Hi Phil, found you on youtube of all places. Sometime next year I’m going to be receiving a fairly large portfolio inheritance from my late mother in the US. Her lawyer and accountant are going to be working through the last of the estate work and…
30% withheld from US SEP IRA to Canadian resident Question I’m 60 and have a Vanguard SEP-IRA with $448K USD in the US. Vanguard now *always* withholds 30% on withdrawals (unless an RMD at 71) and won’t allow non-residents to change asset allocation. I think I want to lump sum move the funds to my…
Moving to Canada with US Revocable Trust Question Hi Phil I found your contact information online. My husband and I will be moving to Nanaimo from Colorado some time mid next year. Most of our assets are in a revocable trust including investments, our house and a rental property. On on of your blog posts…
Renouncing Citizenship, US investments, Rental CCA and double tax Question Please let me know what your consultation fees are for advising on the questions listed below. I am a 68-year-old, retired, US citizen and Canadian permanent resident since 2018. I am married to a Canadian and live in Quebec. We have assets and income in…
Moving to Canada, working a bit, then retiring Question Hi Phil I came across your website after watching some of your videos on moving to Canada with investments. Quite helpful videos considering how little information there is about our situation online. Let me outline out situation and you can tell me if you can help…
Which should I file first, my US or Canadian tax return? Question Mr. Hogan, I’ve been following you on the Facebook group for some time and I really enjoy the articles you write. I hope someday that I could earn enough money to have you help me file my tax returns. For now I’m filing…
Moved to Canada with 401k accounts – What are my options? Question Hello Phil, I’m a follower of your Youtube channel and would like to thank you for the educational videos you share. It is very informative and the content is delivered in an easy to understand manner. I have a query regarding 401k accounts. My…
Receiving and inherited ROTH IRA in Canada Question Hi Phil I live in Ottawa and i just got word that I will be receiving and inherited ROTH IRA from my late Grandmother in the next few months. I actually didn’t know what a ROTH IRA was until I looked it up. It’s not massive, but…
Canadian Foreign Tax Credit on IRA Distribution Question Hi Phil I think I need some help with a tax matter that has developed. I have an IRA in the US that I’ve just started taking distributions from. I move to Victoria from Colorado 10 years ago and I plan on staying in Canada until my…
Moving from Canada and non-resident status Question Dear Mr. Newsglobal, I’m a Canadian citizen who recently moved to the states for work. I came across your contribution to a Canadian news article about cross border income tax a few months ago when I was preparing for my move. Although the tax season is a bit…
US Tax Return for American in Canada with SS Benefits Answer Hi XXXXX Thanks for the email. Given the length of your email I won’t be able to address all the issues below, however I’ll do my best to summarize some thoughts below: Software for US citizens living in Canada doesn’t really exist. Those that…
Letter from CRA – Tax return review? Question Dear Phil, I seem to have a real mess on my hands!! You probably hear that often, but my situation seems to be unique. I have spent a great deal of time over the past 3 months in researching Cross Border tax information because I received a…
Moving with Family and Daughter to Quebec from Texas Question Hi Philip, First let me thank you for your very informative “Americans Living in Canada” FB group. I learn a lot by reading through the posts – this is useful to me as my family is going to relocate to Canada (from Texas) and I…
ROTH IRA and TSFA Questions Question Hello! This is Erin from the recent question about what to do with American investments. A little about me: I make 12k USD per year through remote work for an American company. I make about 30k Canadian self employed income. Is it possible to invest in both TFSA and…
Citizenship Based Taxation is not going Away, but these 5 Changes Would Change the Game (for the better) Many Americans living abroad have been advocating aggressively for the repeal of Citizenship based taxation (CBT). These advocates argue that the rules that tax US citizens abroad are unfair and overly punitive. Although I do not entirely…
FBAR Exchange Rates 2022 As a US citizen or resident of the US, and to the extent that you have beneficial interest or signing authority over foreign financial accounts (foreign to the US) in excess of $10,000 (calculated as the total of the highest balance in all your non-US bank and investment accounts) USD you…
Am I taxed on my inheritance from the US? Question Hi Phil I found your website online after doing some research. Please let know the charge to answer my questions (do you accept paypal?) I received an inheritance from my mother’s estate last month. It will take until 2021 to have the estate settled and…
Everything you Need to Know about form T1135 In addition to income reporting tax forms we also need to complete informational reporting forms for our clients. One example of such forms is form T1135 – foreign income verification statement. What is Form T1135? According to CRA’s official website the first iteration of the T1135 was…
Moving to Vancouver from Texas – How Much More Tax Will I Pay? The conversation below was between myself and a gentlemen asking some questions online. I decided to post it here as it may help others thinking of moving to Canada from the US. The decision to move to Canada from the US, especially…
Elderly Senior Couple in Vancouver – Late US Tax Returns Question Dear Mr Hogan, I am a volunteer providing free advice to marginalized and impoverished communities. I would really appreciate your help, if you are willing, in securing a quick bit of off-the-cuff advice for clients who are elderly Canadian citizens living in Vancouver. I…
T1135 and Moving to Canada from Texas Question Hi My wife and I will be moving from Texas to Calgary early in 2021. We’re trying to do as much research on the move as possible. To be honest, the complexities of the tax systems between both Canada and the US is making our heads spin….
US Resident Cashing Out RRSP Question Hello Phil, I found your commentary very helpful as I have been considering cashing out my RRSP and reinvesting in the US: https://www.hutcheson.ca/tax-on-rrsprrif-payments-after-moving-to-the-u-s/ I am Canadian living in the US and have been here along with my wife since XXXX. At the time we left our RRSP’s and let…
Retiring to Canada and help with with taxes and investments Question Hi I found your contact information on the Americans in Canada facebook group. I wanted to reach out to try and schedule a future appointment or consultation. Please let me know how I can book such a meeting. In preparation for this meeting I…
How does CRA know about my foreign income in the US? Question I have a bunch of investments in the US that I had before I retired to Canada. It’s not much income right now, but once my IRAs and other pensions start paying distributions it will be fairly significant. I also have stocks in…
Moving to Canada with Investments, and I Need Help! Question Hi there I got your name from my mother that said that you help her with her Canadian and US tax returns. I’ll be moving back to Canada in 2020 and wonder if you are taking new clients. I think my situation is quite complex…
Canadian with 401k plan in the US Question Hello I worked in the US from 2001 to 2008 and contributed to a 401K plan. I moved back to Canada (I am a Canadian citizen) in 2008. I am now retired and mad a partial withdrawal this year from my Vanguard 401K plan. I gave them…
ROTH IRA disclosures in Canada Question I am a Canadian citizen living in Toronto and my wife is a U.S. citizen and living in Toronto with PR status. Below is the situation with Roth IRA disclosure: Status: • Due to lack of awareness (assumed all retirement accounts are the same and therefore not required to…
Bitcoin investment and Canadian tax Question I’m not sure this is the right place to post this, but I can’t seem to find a good answer anywhere. I was lucky enough to buy bitcoin at very low levels in 2013 (my brother is a tech at google) and I’ve held a significant amount of my…
Cross Border Tax Topics – The Wealthy Life Appearance A big thanks to Sybil Verch and the crew at the Wealthy Life for having us down for the show. Although the segment was relatively brief we were able to touch on a few key cross border tax and investment topics: General Tax and Compliance Considerations…
Buying Canadian property as an American There are many reasons to invest in Canadian property as an American. The process, however, is not always straightforward. Here are a few tips to streamline the process and help you make the best decision for your investment. 1. Get your finances in order Before you start shopping for…
Should I convert my IRA to a ROTH IRA before moving to Canada? Question I’ll be moving to Ottawa from Boston late this year and I’ve been working through some financial planning with my broker. While doing some research online I came across your cross border tax articles, specifically the ones outlining IRA conversions. I…
Late Filing T1135 Under the New VDP Program – US Investments Question I read your article on Canadian voluntary disclosure and T1135 late filing forms. I wanted to ask about how I would go about filing these late forms given the changes to the program. I’ve had my taxes done by a professional accountant in…
New Postcard Sized 1040 for 2018 The IRS recently announced the new “simplified” 2018 1040 form. The new version of the 1040 replaces the older 1040, 1040-A and 1040-EX forms. Trump announced the “simplified change” to the 1040 last year, however many are not so convinced this new version will simplify tax filings for taxpayers….
Ask your Cross Border Tax Questions Here… I’ve started this post to help those having trouble answering their Canada-US cross border expat tax and financial planning questions. Please leave your question in the comments and we’ll do our best to help answer. Also don’t forget to keep current on cross border tax and financial planning…
Living in Canada with US Based Investments? Watch for Complex T1135 Reporting. Canadian taxpayers (including US citizens living in Canada) with US investments may need file CRAs T1135 foreign income verification form. The T1135 form is required whenever a Canadian taxpayer’s cost in foreign property is more than $100,000. Some exceptions do apply however as…
American Selling Property in Victoria BC – Tax Issues Question I live in XXXXXX, and still a Canadian passport holder, and am a permanent resident of the US. My property on Galiano Island is listed by Sotheby’s, and the home has been for sale since last October. We had an offer in February which in…